Energy Transition Minerals, (ASX:ETM) said the US' focus on Greenland may be the cause of the recent increase in its share price, according to a Friday filing with the Australian bourse.
In response to the Australian Securities Exchange's price query, the mining firm said that incoming President Donald Trump made statements that it is an "absolute necessity" that the US control Greenland. He is expected to appoint PayPal co-founder Ken Howery as the ambassador to Denmark, where Greenland is located.
The recent pronouncements, together with the upcoming Greenland elections, created "positive investor sentiment" in the autonomous territory, which is the location of the company's Kvanefjeld rare earths project, the filing said.
The company's shares surged past 24% in recent Friday trade.
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